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The Big Story
Circle Gains Approval to Launch a National Trust Bank
Circle has received final approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, formally known as First National Digital Currency Bank.
The entity will operate under federal banking supervision and marks one of the most significant regulatory milestones for a stablecoin issuer in the United States. Circle's move positions the company to offer custody, payment, and tokenization services under the same regulatory framework as traditional banks, while reinforcing its competitive position against Tether and emerging challengers in the dollar-denominated stablecoin market.
The approval also arrives as MiCA compliance drives record activity for Circle's euro stablecoin EURC, which logged its highest daily active addresses since launch.
Breaking News
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Backpack Just Launched First 24/7 Brokerage For Real U.S. Equities — Backpack has activated 24/7/365 trading for select U.S. equities through its new Backpack Securities platform, giving international investors access to real securities rather than synthetic derivatives with no restriction to traditional exchange hours.
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Injective SDK Hit By Supply Chain Attack — Security firm Socket identified wallet-stealing malware inside version 1.20.21 of a widely used Injective npm package, marking the latest supply chain attack to hit the developer ecosystem.
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SWIFT XRP Speculation Hits Wall — Tom Zschach, SWIFT's former Chief Innovation Officer, shut down a fresh wave of speculation linking the payments network to XRP integration, posting on X to deny any such plans.
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Bitcoin Wallets Get A New Quantum Shield — Crypto custodian BitGo introduced a suite of quantum-risk management tools for institutional Bitcoin wallets, treating future quantum computing threats as a live operational concern rather than a distant hypothesis.
Top Stories
Robinhood Chain Hits $500M Uniswap Volume in One Day
Robinhood Chain recorded $500 million in 24-hour trading volume on Uniswap, rapidly establishing itself as a major force in decentralized finance just over a week after mainnet launch. The network has climbed to nearly $79 million in total value locked across its first eight days and briefly topped Hyperliquid in DEX volume with $375.15 million processed in a single window. The breakout memecoin CASHCAT exploded to a $150 million market cap, driving much of the early activity.
CLARITY Act Draft Nears Senate Release
A fresh version of the Digital Asset Market CLARITY Act could be published as soon as next week, according to sources cited by CoinDesk, as Senate negotiators race to assemble a unified text before the chamber breaks for its August recess.
The updated draft is expected to merge work from two parallel tracks moving through the Senate Banking and Agriculture committees. Senator Lummis issued an urgent warning that this legislative session represents the last realistic window to cement federal digital asset rules, while CFTC Chairman Michael Selig told Fox Business the bill is "so close" to passage.
Coinbase Legal Chief Behind SEC Fight Departs
Coinbase Chief Legal Officer Paul Grewal is stepping down after six years at the crypto exchange, closing a chapter defined by one of the most consequential legal battles in the industry's history. Grewal notified the company of his intention to resign on July 8, effective July 31. During his tenure, Coinbase navigated its landmark legal fight with the SEC, secured key court victories, and helped shape the regulatory environment for digital assets in the United States.
Deep Dive of the Week
Big News for Morpho and Ethena: What is Robinhood Earn?
Robinhood Earn is the company's first onchain lending product, letting eligible U.S. customers earn an estimated 7% APY on the USDG stablecoin directly inside the main Robinhood app.
The product routes deposits through Morpho vaults backed by Ethena's sUSDe, bringing decentralized finance infrastructure to millions of retail users without requiring them to touch a wallet or manage keys. This week's deep dive breaks down the architecture, the implications for Morpho and Ethena, and what it signals about the convergence of CeFi and DeFi distribution.
By the Numbers
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$5.03 billion — Record single-day net outflow of USDT from Ethereum exchanges on July 8, the largest since tracking began, signaling a major shift in stablecoin positioning.
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$2.5 trillion — Cumulative stablecoin volume processed across BNB Chain, with 2025 alone accounting for nearly $1 trillion of that total.
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98.3 million — Record number of transactions processed by the Internet Computer protocol in a single day this week, marking a new weekly activity peak.
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$233,000 — Amount spent by a wallet labeled "Ansem-2" to purchase 2.79 million CASHCAT tokens within three hours, according to Lookonchain.
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20,500 ETH — Latest Ethereum accumulation by Bitmine Immersion Technologies, chaired by Fundstrat's Tom Lee, purchased through Galaxy Digital.
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July 28 — Activation date for Zcash's Ironwood network upgrade, one week later than the original target, with all major ecosystem organizations committed to NU6.3.
On Our Radar
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Revolut X AI integration — Revolut connected its standalone crypto exchange to third-party AI assistants including Claude, enabling agentic trading workflows through natural language commands.
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PayPal USD on Polygon — PayPal's PYUSD stablecoin launched natively on Polygon as part of the Open Money Stack, targeting regulated global payment applications.
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Digital Euro final negotiations — The European Parliament confirmed its position on the Digital Euro, formally opening the last legislative phase before the electronic currency can become law.
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Stellar Protocol 27 upgrade — Stellar activated the Zipper upgrade on mainnet, completing a rollout that enhances network performance and contract functionality.
Until Monday.